Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island September 2019 Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.
VIREB (Real Estate Board) Real Estate Market Update
The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out: VIREB ANALYSIS
The Vancouver Island Real Estate market is hanging in there. There are approximately 20% or so less sales this year over last. This depends on the kind of property and price of the home. This is likely a result of provincial government rule changes for foreign buyers and for owning secondary properties in the urban areas of Vancouver, Victoria, Kelowna and Nanaimo. As well the Canadian Federal Government ongoing rule changes regarding mortgages for Buyers is continuing to have impact.
In spite of these taxes, there has been so much pent up demand for housing. Buyers are still wanting reasonably priced homes, condos and town homes. This is helping to keep prices steady. Likely affordable homes are at historic highs even to this day.
Higher priced homes need to be priced competitively. Look at what has sold and price reasonably in light of past sales.
If you are selling, we can help you get the best possible price in this market. If you are Buying, we can help you find a deal for the home of your choosing.
Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.
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